In a 2018 study published by Iowa State University’s Center for Agricultural and Rural Development, researchers analyzed impacts of the tariffs President Donald Trump enacted in 2018, during his first term. The analysis could provide insights as organizations navigate the effects of new tariffs placed on Canada, Mexico and China.

The report examined corn, soybean, ethanol and hog markets along with labor and government impacts from the market changes. Overall losses to the state’s gross state product were calculated to be $1 billion to $2 billion, with pork/hogs taking the biggest hit at $558 million to $955 million lost, followed by soybeans at $159 million to $891 million lost, corn at $90 million to $579 million lost and ethanol with a $105 million loss. The state’s tax revenue losses, based on personal income and sales taxes, ranged from $111 million to $146 million.

The ISU study said that while agriculture is not the No. 1 segment for the state, the bulk of the manufacturing sector comprises agriculture equipment production. Additionally, the Iowa Department of Agriculture is one of the government sector’s largest departments and farmland is one of the largest contributors to the state’s real estate sector.

According to 2024 data from the Office of the United States Trade Representative, Iowa exported $17 billion in goods in 2024. Those goods exports made up 7.4% of Iowa’s GDP in 2023 and accounted for 116,000 jobs.

Last year, Iowa exported $5 billion to Canada, representing 30% of the state’s total goods exports, followed by Mexico at $32 billion, Japan at $971 million, China at $925 million and Brazil at $768 million.

Iowa’s GDP was $202 billion as of Dec. 31, 2023. The top five contributing sectors to the state’s GDP are manufacturing ($34.9 billion), finance and insurance ($28.7 billion), government and government enterprises ($21.4 billion), real estate ($19 billion), and health care ($13.2 billion).

Related coverage: Local economists weigh in on potential effects of tariffs on Iowa agriculture